December 2014
Beginner
352 pages
14h 24m
English
Content preview from The Economics Book
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IN CONTEXT
FOCUS
The macroeconomy
KEY THINKER
Jean-Charles Sismondi (1773–1842)
BEFORE
1776 Adam Smith argues that natural market forces create an economic equilibrium.
1803 Jean-Baptiste Say claims that the market will balance supply and demand naturally.
1817 Welsh social reformer Robert Owen identifies overproduction and underconsumption as causes of economic downturns.
AFTER
1820s French economist Charles Dunoyer identifies the cyclical nature of the economy.
1936 John Maynard Keynes urges governments to spend in order to avoid economic fluctuations.
Business cycles are the shift between strong economic growth, described as a boom or expansion period, ...
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